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Revisiting Feldstein–Horioka Puzzle: Evidence from SAARC Economies
The Indian Economic Journal, 2020In the macroeconomic perspective, domestic saving and investment constitute two important wheels that keep the growth process moving on towards stability. But when domestic savings tend to fly away to foreign countries for excess returns, the warranted domestic investment remains unattained thereby which impair the growth trend unless the gap is ...
P. K. Mishra, S. K. Mishra
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The Feldstein‐Horioka puzzle in an ARIMA framework
Journal of Economic Studies, 2007PurposeTo test the Feldstein‐Horioka hypothesis that the investment‐to‐output ratio moves one‐for‐one with the saving‐to‐output ratio, suggesting international capital mobility.Design/methodology/approachThe paper uses the econometric framework developed by Fisher and Seater, interpreting the Feldstein‐Horioka hypothesis as a long‐run phenomenon, and ...
Apostolos Serletis, Periklis Gogas
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Feldstein-Horioka Puzzle: Fourier Cointegration Analysis on Turkish Economy
2021Tasarruf ve yatırım, ekonominin temel konularından biri olan ekonomik büyüme ile yakından ilişkilidir. Büyüme hızı, yatırımların miktarına ve bu yatırımların verimliliğindeki artışa bağlıdır. Yatırımlar ise tasarruf şeklinde elde edilen fonları gerektirmektedir.
BOZKURT, Eda, ALTINER, Ali
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Ricardian Equivalence, Twin Deficits, and the Feldstein-Horioka Puzzle in Egypt [PDF]
SSRN Electronic Journal, 2007 Egypt has presented important budget imbalances. This paper tries to evaluate whether Egypt's public deficit has had any impact on current account imbalances, examining the validity of the twin deficit hypothesis for Egypt. We conclude for the presence of a (weak) long-run relationship between the budget deficit and the current account deficit. Yet, we
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The Feldstein-Horioka puzzle and capital mobility: a review
International Journal of Finance & Economics, 1998This paper reviews how economists responded to the Feldstein‐Horioka (FH) view that a high saving-investment association across OECD countries implied low capital mobility. This posed an uncomfortable puzzle since the conventional wisdom in most exchange rate and open-economy macroeconomic models was that capital mobility was high.
Jerry Coakley, Farida Kulasi, Ron Smith
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FELDSTEIN-HORIOKA PUZZLE: BRIC COUNTRIES EXAMPLES
2018In this study four countries which are named BRIC (Brazil, Russia, India, China) relation was examined between savings to GDP and investments to GDP. Previous studies have discussed investment and saving relationships. The Feldstein-Horioka study concludes that the correlation between savings and investment is large and that there is low capital ...
TANRISEVEN, Kemalettin +1 more
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The Feldstein-Horioka Puzzle and Spurious Ratio Correlation
Journal of International Money and Finance, 2012Abstract This study shows that the Feldstein-Horioka puzzle resembles a spurious ratio correlation due to a common deflator ( Pearson 1896/7 ). Empirically, the Feldstein-Horioka specification and its counterpart with an arbitrary deflator – final domestic demand – give similar results.
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Revisit Feldstein-Horioka puzzle: evidence from Malaysia (1960-2015)
2017This paper revisits the Feldstein-Horioka puzzle – the mother of all puzzles – to uncover whether there exists a long-run relationship between domestic investment and domestic savings for the case of Malaysia. This is a long-standing empirical puzzle in macroeconomics which contradicts economic theory: for open economies, savings should be able to flow
Razak, Lutfi Abdul, Masih, Mansur
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Revisiting of Feldstein- Horioka Puzzle: An Empirical Analysis
2021The relationship between saving and investment attracts a great majority of macroeconomists. Briefly, Feldstein- Horioka puzzle has been observed as a puzzle, which is related with saving and investment in open macroeconomics. Feldstein- Horioka puzzle argues saving and investment relation under international capital mobility.
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The Feldstein-Horioka Puzzle: a Panel Smooth Transition Regression Approach
2006This paper proposes an original framework to determine the relative influence of fivefactors on the Feldstein and Horioka result of OECD countries with a strong saving-investment association. Based on panel threshold regression models, we establishcountry-specific and time-specific saving retention coefficients for 24 OECD coun-tries over the period ...
Fouquau, Julien +2 more
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